The Republican Budget Bill Puts Your Social Security At Risk
New Analysis from Social Security Chief Actuary Confirms Republican Budget Bill Brings Social Security Trust Funds One Year Closer to Insolvency
Washington, D.C. – Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today issued a statement after the Office of the Chief Actuary (OACT) at the Social Security Administration confirmed that the Republican budget bill passed this summer will speed up the depletion of the Social Security trust funds.
“Not only did Republicans give massive tax breaks to corporations and the ultra-wealthy, not only did they make the largest cut to American health care in history, but now it is clear Republicans have brought Social Security closer to running out of money,” Wyden said. “Every day that goes by makes it clear that the Republican agenda is making Americans sicker and poorer.”
The analysis from the nonpartisan Social Security chief actuary, requested by Wyden, reveals that the depletion date for the Old Age and Survivor Insurance (OASI) Trust Fund will come a year earlier, in 2032. This is the trust fund that pays for Americans’ earned retirement benefits.
The analysis from OACT can be found here. Wyden’s letter requesting the analysis is here.
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